“London still has one of the highest rates of unemployment in the country. It has improved from the worst days of 2009, but it has been a slow grind and I mostly blame the strong Canadian dollar that continues to act as a major drag on manufacturing and tourism in Southwestern Ontario.”

Jestin

“You always hear about big layoffs and plant closures. Investment in the auto sector is going to the southern U.S. and Mexico instead of Ontario. But I’m not negative about manufacturing. The businesses that will be growing, you won’t read about in the paper, they’re too small. They’re skills-based with value-added niche products and they are plugging into partnerships in the global markets.”

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U.S. VERSUS CANADA

Porter

“Last year was the first time since 2004 that the U.S. grew faster than Canada and we see that gap widening this year — 2014 will be an upbeat year for the U.S. economy.”

Jestin

“The U.S. will actually outperform Canada this year. The difference is levels versus growth. We are already at record levels of employment. The U.S. is playing catchup ball. They need four million jobs to get back to where they were before the recession.

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CANADIAN HOUSING

Porter

“We do not buy into the view that the Canadian housing market is about to crash. Toronto is a little overheated, but when I look at the rest of the country, including London, there is nothing to be worried about. While home prices might seem high . . . they are very affordable, especially with interest rates so low.”

Jestin

“The fundamentals are still positivem but we are going through a volume price adjustment in the Toronto market. It will go from goosing the economy to neutral or a slight drag. But it’s not a bubble.”

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EUROPE

“The European debt crisis has not been solved, but the European central bank has taken a lot of very positive steps to limit the worst-case scenario. Getting everything right in Europe means years and year of tough austerity.”

Jestin

“If you are expecting the bad news in Europe to go away, go into hibernation. We will still be talking about the European situation five years from now.”

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ASIAN MARKETS

Porter

“We are optimistic on emerging markets. There is less concern about inflation and they are starting to gun the engines in China, and combined with a pickup in U.S., that will put a floor on commodity prices.”

Jestin

“The game is not in the U.S. and Europe. It is Asia and the emerging world. China is already the biggest car market in the world . . . and the largest market for luxury goods”

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U.S. HOUSING

Porter

“The devastating decline in the housing market triggered the financial crisis in 2008. If there is a single piece of good news, it is that we have turned the corner on the U.S. housing market and it is on the road to recovery.”

Jestin

“The U.S. housing market is finally recovering. I used to say that the opportunity to buy a condo in Florida will be chasing you for a while. I don’t say that anymore. Prices are going up and that is adding to growth.

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INTEREST RATES, CANADIAN DOLLAR

Porter

“We believe the Canadian dollar is about 10 cents higher than it should be, based on commodity prices. Foreign investors are looking at Canada as a nice safe haven and buying up Canadian dollars.”

Jestin

“Interest rates are going to stay low in the U.S. for the next couple of years and that’s a big deal for Canada, because our rates tend to follow the U.S. very closely.”